I'm back

I finally finished reading the book, "FDR's Folly: How Roosevelt and his New Deal Prolonged the Great Depression." This is must reading for anyone who wants to know how the Great Depression began (without needing an economics degree), and what our nation did to attempt to correct it (and failed).

It was a nice departure from some of the heavy stuff I have been reading as of late. The book sums up its points well in the conclusion. First,:

"After Americans suffered through a catastrophic contraction for three years (1929-1933), FDR supported policies like the National Industrial Recovery Act that promoted further contraction. His executive orders helped enforce higher consumer prices when millions of Americans were unemployed and needed bargains. FDR approved the destruction of food when people were hungry. FDR signed into law higher taxes for everybody, so consumers had less money to spend, and employers had less money with which to hire people - during the worst depression in American history."

As Jim Powell (the author) makes the point, FDR will be remembered less fondly as economists look back on the performance of his policies.

This, of course, does not discount the fact that he brought hope to millions of Americans and at least showed he was trying something. I fear that as time goes on, people will remember less of his intentions and more of his failed policies, particularly as Social Security goes bust.